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Apart from issuing vouchers and offering cash grants, the government should also stabilize the job market for low-income earners, expand coverage of unemployment benefits and encourage the development of small-scale consumer loans by giving full play to internet companies and online banks, Gan said.

Another reason for the contraction was the fast growth of knowledge-intensive exports, a typical reflection of China's economic transition and high-tech development, Lian said.

Ansell's brands include Jissbon, which sounds like James Bond in Chinese, and it is the second-largest maker in China behind Reckitt Benckiser which owns Durex. It also competes with large local brands Donless, Double Butterfly and Gobon.

Ant Financial Services Group announced today it will allow third-party financial institutions to set up virtual shops through an indigenous app, another push to vie for supremacy in the country's burgeoning online financial sector.

Another example is Microsoft Research Asia's work with the Dunhuang Academy to develop a Gigapixel Camera system that digitally captures high-resolution, large-format images of the Mogao Caves and resolves details not visible to the naked eye. The highly-detailed images captured by the Gigapixel Camera enables the Dunhuang scholars to preserve those valuable cultural artifacts for future generations.